This is in reply to a question by one of our readers

TURKEY - In Brief 06 Aug 2014 by Atilla Yesilada
I thought the question is the minds of many and my answer may shed light on two important issues: Q: what is the likelihood of an early parliamentary election? should we expect that if Erdogan does well in the presidential and he does not announce an early parliamentary, we will see lower pressure on CBRT to cut? A: If Erdogan wins a convincing victory in the first round of the presidential elections, it conceivable that his successor will call early elections to convert the existing momentum into a second AKP land-slide in hopes that the party will produce enough seats to amend the constitution single-handedly to grant Erdogan executive powers. I’m afraid that higher interest rates leading to higher inflation is no longer an election gimmick but an essential pillar of the new economic policy. Please read our upcoming Monthly where I devote a few paragraphs about the new economic policy direction in the “Erdogan Era”.

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